Germany government bonds
Germany's bonds as US funds mark them in their filings (SEC Form N-PORT), by currency. Fund marks as of Jul 2026; they lag the market by about two months.
By currency
| Bonds | Measured against | Count | Spread | 10-year spread | Priced-in 5y odds | 1-month change | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|
| EUR Germany (the euro reference curve) | reference curve | 77 | — | — | — | — | 2.99% | $15.06B |
Priced-in odds = spread ÷ (1 − 40% recovery) over five years; it includes a risk premium and overstates actual defaults. Own-currency bonds get a yield and no odds: a government can print its own currency.
Germany's EUR curve
Yield to maturity of each EUR bond US funds hold (281 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Germany's USD curve
Yield to maturity of each USD bond US funds hold (4 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Germany's debt
Fund series holding Germany's government and government-related bonds in their latest quarterly report: 131 now, 125 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 178 | $9.15B | $9.32B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 159 | $7.51B | $7.68B |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 41 | $1.08B | $1.17B |
| Six Circles Global Bond Fund | 2026-06-30 | 212 | $597.2M | $620.3M |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 237 | $580.5M | $599.8M |
| Fidelity Advisor Strategic Income Fund | 2026-06-30 | 6 | $460.6M | $518.0M |
| DFA FIVE-YEAR GLOBAL FIXED INCOME PORTFOLIO | 2026-07-31 | 16 | $462.4M | $512.6M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 2 | $160.5M | $180.9M |
| Capital World Bond Fund | 2026-06-30 | 18 | $163.0M | $163.9M |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | 3 | $142.7M | $155.7M |
| American Funds Global Balanced Fund | 2026-07-31 | 9 | $151.2M | $151.7M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 102 | $109.8M | $120.7M |
| iShares International Treasury Bond ETF | 2026-07-31 | 67 | $100.2M | $104.1M |
| VANGUARD GLOBAL WELLINGTON FUND | 2026-05-31 | 8 | $95.5M | $103.8M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 2 | $94.7M | $102.9M |
| iShares Global Government Bond USD Hedged Active ETF | 2026-07-31 | 16 | $75.7M | $73.5M |
| iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 19 | $62.5M | $70.5M |
| Fidelity International Bond Index Fund | 2026-06-30 | 60 | $62.9M | $67.5M |
| American Beacon TwentyFour Strategic Income Fund | 2026-06-30 | 3 | $59.6M | $67.5M |
| Nuveen International Bond Fund | 2026-06-30 | 14 | $64.6M | $67.3M |
ETFs holding Germany's bonds
From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Value | % of net assets |
|---|---|---|---|---|
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 159 | $7.68B | 6.27% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 237 | $599.8M | 5.35% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 102 | $120.7M | 3.12% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 67 | $104.1M | 6.81% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 19 | $70.5M | 8.54% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 5 | $66.1M | 3.29% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 64 | $61.2M | 4.55% |
| FLIA Franklin International Aggregate Bond ETF | 2026-06-30 | 1 | $27.9M | 3.64% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 3 | $23.7M | 4.63% |
| HTRB Hartford Total Return Bond ETF | 2026-07-31 | 9 | $20.0M | 0.91% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 14 | $13.8M | 4.70% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 4 | $12.9M | 4.68% |
| DIAL Columbia Diversified Fixed Income Allocation ETF | 2026-07-31 | 2 | $3.4M | 0.88% |
| AINP Allspring Income Plus ETF | 2026-06-30 | 2 | $3.3M | 1.51% |
| DUSB Dimensional Ultrashort Fixed Income ETF | 2026-07-31 | 1 | $3.0M | 0.13% |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.